Forum has said that it will acquire a 100% interest to certain of Tanqueray's mineral claims that are prospective for uranium and Tanqueray will retain the claims that are prospective for gold in the Baker Lake area of Nunavut.
Tanqueray has been exploring for gold in the region since 2004 and has drilled several prospective targets.
Forum entered into an option agreement with Tanqueray in 2007, whereby Forum could earn a 60% interest in uranium and diamonds on all of Tanqueray’s property by completing $4m in exploration over five years.
Forum has spent $2m in uranium exploration on Tanqueray’s property over the past four years and has identified several prospective uranium targets.
Much of the prospective ground has been prospected, mapped and covered by ground gravity surveys. Both targets are ready for drilling.
As an alternative to completing the remaining terms under the existing option agreement, Tanqueray will sell to Forum a 100% interest in claims selected as having uranium exploration potential.